Bitcoin Hits $71K; Analyst Predicts New High

Oct. 29 saw Bitcoin surpass $71,000 for the first time since June 2024 and may reach a new high this week if the rising trend continues, according to crypto analysts

Bitcoin rose about 5% on Oct. 29, according to crypto.news. Over the past 24 hours, the largest cryptocurrency reached $71,267. Bitcoin last reached $71,000 in June 2024.

On Oct. 28, crypto.news reported that CoinShares head of research James Butterfill said Bitcoin prices and flows are largely driven by U.S. politics, especially with the presidential election in early November.

Butterfill believed the recent rise in inflows was due to Republican surveys.

In an X post, crypto analyst Michael van de Poppe predicted Bitcoin might achieve a new all-time high this week because it is “close to 10%, the sweet spot.” Bitcoin’s previous high was $73,750 in March 2024.

“Bitcoin bounced from the sweet spot and is close to a new ATH [all-time high],” Van de Poppe commented on X.

He noted that this week is “unemployment week”—the first week of the month. Van de Poppe thinks Bitcoin might hit a new high.

On the same day, CryptoQuant CEO Ki Young Ju said institutional demand for Bitcoin has increased since 2024.

He mentioned U.S. spot Bitcoin exchange-traded funds, which had received 278,000 BTC since January, 80% of which came from retail investors.

Whale addresses with at least 1,000 BTC, excluding crypto exchanges and mining pools, received 670,000 BTC last year.

“In custodial wallets, institutional demand is twice that of retail,” Young Ju wrote on X.